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| Greece reaches $11bn deal with eurozone creditors | Greece reaches $11bn deal with eurozone creditors |
| (35 minutes later) | |
| Greece has won an essential batch of bailout funds from international creditors following agreement among the 19 eurozone finance ministers and can start looking forward to debt relief in the future. | Greece has won an essential batch of bailout funds from international creditors following agreement among the 19 eurozone finance ministers and can start looking forward to debt relief in the future. |
| After the ministers approved Greece's recent reform efforts, they decided early Wednesday to disburse €10.3 billion ($11.5 billion) in funds to see Athens through the next months. | |
| The first disbursement of €7.5 billion ($8.4 billion) could already begin by the middle of next month with other disbursements coming after the summer, pending positive feedback from European institutions. | |
| “We now have global agreement which opens the way for a significant disbursement of much needed funding for Greece and important measures on debt relief,” which will be progressively phased in, said EU Commissioner Pierre Moscovici. | “We now have global agreement which opens the way for a significant disbursement of much needed funding for Greece and important measures on debt relief,” which will be progressively phased in, said EU Commissioner Pierre Moscovici. |
| The breakthrough came after 11 hours of tortuous talks instead of the easy approval which had originally been seen. But considering the bad blood between Athens and its creditors over the past years, Wednesday's deal was seen as a major step forward. | The breakthrough came after 11 hours of tortuous talks instead of the easy approval which had originally been seen. But considering the bad blood between Athens and its creditors over the past years, Wednesday's deal was seen as a major step forward. |
| “This opens the way for a return of confidence that is so essential for lasting economic recovery in Greece, which is our common purpose,” said Moscovici. | “This opens the way for a return of confidence that is so essential for lasting economic recovery in Greece, which is our common purpose,” said Moscovici. |
| EU President Donald Tusk, who had been vital in staving off Greek bankruptcy last year, also looked at the future. He called the deal in a Twitter message “a Strong message of stability for Greece, Europe and the global economy.” | EU President Donald Tusk, who had been vital in staving off Greek bankruptcy last year, also looked at the future. He called the deal in a Twitter message “a Strong message of stability for Greece, Europe and the global economy.” |
| A representative of the International Monetary Fund welcomed the deal but said its board would still have to rule on its participation. The linking in of the IMF into the program was seen as essential. | A representative of the International Monetary Fund welcomed the deal but said its board would still have to rule on its participation. The linking in of the IMF into the program was seen as essential. |
| AP | AP |